Having failed to attract a buyer when it was put up for sale at a guide price of €8 million at the height of the Covid-19 pandemic, a 0.24 hectare (0.6 acre) site in Dublin 8 with scope for up to 110 apartments is being offered to the market once more at a reduced price of €5.25 million.
The subject property is located on the corner of Steevens’ Lane and James Street, and adjacent to the “Guinness Quarter”, the much-anticipated mixed-use scheme that is set to be delivered by developer Sean Mulryan’s Ballymore in partnership with Diageo. Upon completion, the ambitious project is set to include hundreds of new homes, hotel accommodation, a food hall, marketplace, commercial workspace along with a landscaped public realm.
The Steevens’ Lane site for its part is Zoned Z4 “District Centre” under the Dublin city Development Plan 2016-2022, and this designation is proposed to be maintained in the upcoming plan. Should the current zoning remain in place as is anticipated, it would offer interested parties the opportunity to deliver a variety of potential end uses on site subject to planning permission. A feasibility study prepared by Henry J Lyons Architects suggests there is development potential for two alternate residential schemes, comprising densities of 103 and 110 units respectively incorporating a mix of studio, one, two and three-bed apartments, along with ancillary residential amenity space. The feasibility study is supported by a planning report provided by McCutcheon Halley Planning (MHP) Consultants.
The Dublin 8 district has undergone significant rejuvenation in recent years. Notable amenities nearby include The Guinness Storehouse, The Irish Museum of Modern Art (IMMA), Kilmainham Gaol, the Royal Hospital Kilmainham (RHK), St James’s Hospital, and the Phoenix Park. In addition, the subject property is situated just 2km west of Grafton Street and its myriad shops, bars and restaurants.
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The subject site is well connected thanks to its close proximity to the Luas red line stops on James’s Street and at nearby Heuston train station. Numerous Dublin Bus routes service the immediate vicinity while Dublin Airport is a 30-minute drive from the site.
Kevin Watson of CBRE’s development land division says: “The feasibility study provides clear direction on the development potential of this asset, and we expect interest from parties seeking to deliver a landmark mixed-use scheme.”
